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business partner

Going into business is a huge step to
take. Whilst working for somebody else has its downsides (and quite a lot of
them, at that), you need to make sure that you know what you’re doing before
you dive into the world of being an entrepreneur, and there are a few questions
that you need to ask yourself in order to be certain that you’re doing the
right thing.

We’ve put together five of them here, so
that you can go into business safe in the knowledge that you’ve prepared as
well as you can for the success that you deserve!

1. Is this person
a good business partner?

The likelihood is that you’re going into business with somebody else, and before you sign up to working alongside this person, you need to make sure that they’re the right business partner for you. It’s a good idea to make sure that they have strong values, integrity, and that they will be honest with you so that you can make the business work together. However, a business partner can have all of these respectable traits, but still not be the right fit due to issues with communication. Find somebody who you can talk to, as you’ll need to have important discussions when you’re going through stressful times.

2. Are you going
to bring something valuable to your customers?

There are many businesses in operation that don’t start out with the intention of bringing something valuable to their customers, and they have to learn the hard way that a business without passion and values is a lot harder to run. If you wake up every day, and drive to work knowing that you are providing a useful and important service, it will make your role as an entrepreneur a lot easier, and a lot more rewarding. Of course, it’s important to find gaps in the market, but you may be able to find a niche in your field that works because the passion is there, so think about this before you start out.

3. Do you know
the fundamentals?

Business is one of those things that you learn about as you go along, but in order to make a success out of it, knowing the fundamentals before you begin is key. For example, do you have the sufficient knowledge about tax, legal processes, contacting an appeals lawyer in case of any issues, and the financial side of running a business? If you don’t educate yourself on these things – or get educated by somebody else – then you could risk seeing your business fail within your first few months as an entrepreneur. Prepare yourself, and learn all that you can about business before you get the ball rolling.

4. Do you have a
business plan?

Whatever field you’re going into, however
big or small your business is, and whatever you’re hoping to get out of this
endeavour, you need to have a
business plan. If you’re new to being an entrepreneur, you will soon discover
the importance of planning, and you will also see that without a plan, problems
are much more likely to occur. Even if you only have a plan to give yourself a
sense of security (and the feeling that you’re not at the helm of a business
that doesn’t know where it’s going) you need to make sure you’ve got one. Focus
on your finances, the direction of your company, and your annual profit
expectations.

5. Are you ready
to sacrifice?

All successful entrepreneurs have to sacrifice something, whether it is their current job role, their social lives, or the time that they would usually spend with their families. The truth is that if you want to be successful, you have to be putting the hours in, as your competitors are going to be doing this, too. Of course, it’s better to work smart than to work hard if you can do this, but the likelihood is that in your first few months of business, you’ll need to sacrifice some things in order to keep it going. Before you start out, ask yourself whether you’re ready to sacrifice these things for a while.

So, if you’re about to start out as an
entrepreneur, you need to ask yourself a multitude of questions, but these are
some of the most fundamental ones. Whatever you decide to go into, make sure
that you’re not just stumbling into it blindly, and you could be on the road to
business success in no time. Enjoy being an entrepreneur!

As your business grows, there may come a point when you need to consider the possibility of getting a business partner. Having a business partner can be very beneficial to your company, as he or she can provide additional funding, expertise and experience, as well as ease the burden of decision-making. However, if you select an unsuitable business partner, you may experience serious problems that can jeopardize your business.

Here are some useful tips on how to choose the right business partner….

Define Long-Term Goals

While your prospective business partner may be interested in the type of business you own, he or she may not share the same vision and values as you.

For instance, if you own a restaurant and wish to turn it into a 100-percent organic restaurant in the future, you may not be able to realize your vision if your partner is not supportive of it.

As such, you have to compare your potential partner’s vision and values with your own before you agree to the partnership.

Check Background

It is essential that you do a background check to find out whether or not your potential business partner is financially and legally trustworthy.

If he or she had trouble with the law or serious financial problems in the past, it is best that you do not pick him or her. A person who has been proven to be incompetent in managing finances may undermine your company’s ability to stay afloat during tough times.

Before you enter into agreement with a prospective business partner, ask him or her to provide a list of references that you can contact.

Evaluate Qualifications and Skill Sets

The best thing to do is to choose a business partner who has extensive knowledge and experience in your industry. Such a partner will be able to offer valuable ideas and advice, and help you make better informed decisions.

Try to get a business partner who has skills that complement your own, so that he or she can handle tasks that you are not particularly adept in. By doing so, you can build a stronger and more well-rounded team.

An example of such a partnership is mentioned in an article entitled “Picking the Right Partners: LessAccounting“. According to the article, WePay chose LessAccounting as its first invoicing and accounting software partner several years ago to assist with its financial tasks.

Conduct a Trial Run

Even if a candidate seems like the perfect business partner after thorough evaluation, you will not know whether or not he or she is a good match until the two of you start working together.

Ask your potential partner to work with you on an existing or new project, so that you can determine if the two of you can work harmoniously and productively together.

Getting a business partner is an important decision that can have a big impact on the future of your company.

As such, you have to make an extra effort to ensure that you get the perfect partner.

About the Author: John McMalcolm is a freelance writer who writes on a wide range of subjects, from social media marketing to Cloud computing.